Tata Chemicals completes sale Haldia unit; exits fertiliser business

Tata Chemicals completes sale phosphatic biz to IRC Agrochemicals

5:02 AM, 4th June 2018
Tata Chemicals logo

MUMBAI, INDIA: Tata Chemicals Limited has completed the sale and disposal of its phosphatic fertilisers business and the trading business comprising bulk and non-bulk fertilisers to IRC Agrochemicals Private Limited, a wholly-owned subsidiary of Indorama Holdings BV.

Tata Chemicals has received the consideration of Rs. 872.84 crores from IRC.

Thus, on completion of the transaction, the divestment business of the company pursuant to the BTA stands transferred to IRC Agrochemicals effective June 1, 2018.

Earlier this year the Company also announced the completion of sale of the urea business to Yara Fertilisers India for a consideration of Rs.2682 Cr.

“The sale of the fertilizer and regulated farm business is in line with our strategic direction to unlock value and pursue growth potential in our focus areas. With today’s announcement, I am pleased to say that we have successfully completed our first stage of transformation. The company is poised for growth with a transformation agenda built on innovation, sustainability and digitisation,” R Mukundan, managing director, Tata Chemicals Ltd.

“We are excited to explore the opportunities that lie ahead for us as we move forward with a focus on specialty chemicals and consumer food business, while maintaining leadership in Inorganic Chemicals Business. The company will continue to have a presence in the farm business through its subsidiary Rallis and Metahelix," added Mukundan.

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